BOSTON, Mass.--(Mar. 8th, 2023)--College Hill Capital Partners (CHCP), a private equity firm providing equity capital to founder-owned and family-owned middle market companies, announced that the firm, in partnership with CHCP’s investors, has formed College Circle Creamery, LLC (“CCC”). CCC will own and operate frozen dessert and novelty production facilities and manage a portfolio of innovative brands that address growing consumer demands for more choice and 'better for you' indulgences in the frozen dessert aisle.
After its formation, College Circle Creamery acquired Lukes Ice Cream, a Florida-based producer of ice cream, non-dairy frozen desserts and novelties, and co-manufacturer. Since its founding in 1984, Lukes has established itself as a trusted partner for top consumer brands and distributors with SQF-certification and differentiated capabilities in the high-growth plant-based frozen desserts and novelties space. Lukes has a manufacturing facility in Riviera Beach, Florida with the capabilities to make a diverse range of products, including pints, cups, foodservice tubs, sandwiches, and cones.
Joe Campbell, accomplished frozen dessert and packaged goods industry executive, has been named College Circle Creamery’s Chief Executive Officer. Tim Markowicz, seasoned executive with extensive product research and R&D experience, will serve as Chief Operating Officer. Lorn C. Davis, CFA, Co-founder and Managing Partner of CHCP, will serve as Chairman of the Board and strategic advisor. To ensure an effective ownership transition, Lukes’ founders Kevin and Jody Lukasiewicz will serve as special advisors for up to six months post-closing. Terms of the deal were not disclosed.
Building upon the Lukes acquisition, College Circle Creamery, with the backing of CHCP and its investors, plans to expand its portfolio and capabilities through R&D, further acquisitions, licensing, and brand management agreements. College Circle Creamery will scale its manufacturing capacity with the growth of Lukes’ operations in Riviera Beach, Florida, where it expects to double the number of employees, while also investing in additional manufacturing locations in other areas of the United States.
Filling the Innovation Gap in Fast-Growing Frozen Treats
“For as long as I have been in the food industry, one constant has remained: consumers always find room in their budget and their bellies for indulgences,” said College Circle Creamery CEO Joe Campbell. “When it comes to frozen desserts, there is a clear desire for more creative ‘better for you’ choices yet there has been a lack of innovation in this space. There are many smaller brands with great products coming to market, but they have been limited by fewer resources, less experience, and mounting pressures – including rising cost pressures, increasing safety standards, and growing frozen shelf space competition, to name a few.”
“Our vision is to fill the innovation gap in frozen desserts by bringing manufacturing scale, industry expertise and financial resources together with a portfolio of unique frozen dessert and novelty brands. By doing so we are positioning College Circle Creamery in the sweet spot of a fast-growing market opportunity to deliver value for customers and consumers, including the 86% of U.S. consumers that eat ice cream at least once per week,” Campbell concluded.
Lorn Davis added: “With College Circle Creamery, we seek to catapult targeted frozen dessert brands to market at scale. Lukes is an incredible first asset to welcome to our portfolio with impressive products, great customer relationships, and exceptional manufacturing capabilities. The formation of College Circle Creamery fits squarely in CHCP’s differentiated long-term investment horizon and our focus on industries where we have deep domain experience, strategic relationships, and strong operating resources. We leverage this experience to help our portfolio companies execute on strategic initiatives, drive financial performance, and build value for all stakeholders – employees, customers, vendors, and our investors."
Davis concluded, “Product innovation and manufacturing capacity are critical levers for bringing more and more value to consumers craving innovative frozen treats. We welcome the Lukes’ team and look forward to expanding College Circle Creamery’s market coverage further by investing in more innovative frozen dessert brands.”
Contacts:
- Media: CHCP@InvestorRelations.com
- Customers: Joe Campbell, Joe.Campbell@collegecirclecreamery.com
- Investors: Lorn Davis LDavis@collegehillcapitalpartners.com
College Hill Capital Partners
